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Social Security: When will the COLA increases start and when will I receive them?

Thanks to the COLA, Social Security payments will increase in 2023. Here’s when the increases will start and how much more money you’ll receive.

Millones de personas reciben los pagos del Seguro Social mes con mes. Conoce los estados en los que los beneficiarios reciben más dinero.
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In October of this year, the Social Security Administration (SSA) shared how much monthly payments will increase, thanks to the Cost-of-Living Adjustment (COLA) for retired workers, Supplemental Security Income (SSI) recipients, and those receiving disability and survivor benefits.

The COLA is calculated annually based on the Consumer Price Index for Salaried Workers in Urban Areas and Clerical Workers (CPI-W), covering from the third quarter of the last year prior to the third quarter of the current year.

According to official figures shared by the SSA, the difference between one year and the next was 8.7 percent, so Social Security payments will increase by this percentage by 2023.

In 2022, the average payments of retired workers were $1,657 dollars, so taking this basis, with a COLA of 8.7%, the payments would be $1,801 per month. However, this calculation is only approximate, as SSA calculates payments annually for each beneficiary based on the “primary insurance amount” (PIA) and not by adding the COLA to the actual benefit.

This may interest you: How does the government calculate my monthly social security payment when I retire?

Social Security: When will the COLA increases start and when will I receive them?

COLA 2023 will go into effect at the end of December and will begin to apply to benefits in January of next year for retired workers and those receiving survivor benefits.

On the other hand, SSI recipients will see their first payment increased on December 30th. The first day of January 2023 falls on a weekend, so the payment for that month is sent the Friday before, which is the 30th.

The Social Security Administration provides a the complete payment schedule for 2023.